Ola Electric IPO Details

Ola Electric IPO

About Ola Electric Mobility Limited

Ola Electric Mobility Limited, an electric vehicle (EV) manufacturer in India, is set to launch its IPO. The company produces EV components such as battery packs, motors, and vehicle frames, mainly at its Ola Futurefactory. Its business strategy includes significant investments in research and development (R&D) and technology, conducted in India, the United Kingdom, and the United States.

Ola Electric is developing an EV hub in the Krishnagiri and Dharmapuri districts of Tamil Nadu, India. This hub includes the existing Ola Futurefactory, the planned Ola Gigafactory, and co-located suppliers in the Krishnagiri district. At the Ola Futurefactory, the company assembles its EV scooters using a combination of in-house manufactured components and parts sourced from third parties, including cells. Ola also operates a Battery Innovation Centre (BIC) in Bengaluru, India, responsible for developing cell and battery technology and manufacturing processes.

Founded in 2017, Ola Electric Mobility Limited has launched seven new products since August 2021 and announced four more. The Ola S1 Pro, their first EV model, was delivered in December 2021, followed by the Ola S1, Ola S1 Air, Ola S1 X, and Ola S1 X+. On August 15, 2023, the company announced new EV models and a range of motorcycles, including Diamondhead, Adventure, Roadster, and Cruiser.

As of October 31, 2023, Ola Electric operates an omnichannel distribution network across India, comprising 870 experience centers and 431 service centers (including 429 service centers within experience centers), in addition to the Ola Electric website.

In FY 2023, around 75% of two-wheeler exports from India were destined for Africa, LATAM, and Southeast Asia, while domestic supply of electric two-wheelers was limited.

The business model relies on three key scalable platforms:

1. R&D and Technology Platform: In-house design and development of EV technologies and components.
2. Production and Supply Chain Platform: Adaptable and scalable.
3. D2C Omnichannel Sales Platform: Direct-to-consumer approach.

As of March 31, 2024, Ola Electric had 959 employees (907 permanent and 52 freelancers) focused on R&D, product development, vehicle and software development, vehicle design, and cell development.

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IPO Details

• Issue Size: Rs 6,145.56 crores, including a fresh issue of 72.37 crore shares aggregating to Rs 5,500.00 crores and an offer for sale of 8.49 crore shares aggregating to Rs 645.56 crores.
• IPO Dates: Opens on August 2, 2024, and closes on August 6, 2024.
• Allotment Date: Expected to be finalized on August 7, 2024.
• Listing Date: Tentatively set for August 9, 2024, on BSE and NSE.
• Price Band: ₹72 to ₹76 per share.
• Minimum Lot Size: 195 shares, requiring a minimum investment of ₹14,820 for retail investors.
• sNII Minimum Investment: 14 lots (2,730 shares) amounting to ₹207,480.
• bNII Minimum Investment: 68 lots (13,260 shares) amounting to ₹1,007,760.
• Employee Reservation: Up to 797,101 shares offered at a discount of ₹7 to the issue price.

Lead Managers: Kotak Mahindra Capital Company Limited, Bofa Securities India Limited, Axis Capital Limited, SBI Capital Markets Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, ICICI Securities Limited, and Bob Capital Markets Limited.

Registrar: Link Intime India Private Ltd.

Refer to the OLA Electric IPO RHP for detailed information.

Financial Information (Restated Consolidated)

Ola Electric Mobility Limited’s revenue increased by 88.42%, while profit after tax (PAT) decreased by 7.63% between the financial years ending March 31, 2023, and March 31, 2024.

IPO Timeline

Dhariwalcorp Limited IPO opens on August 1, 2024, and closes on August 5, 2024.

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